Here is the latest news from Ucore Uranium:
(Vancouver,
BC, September 25, 2008) Ucore
Uranium Inc. (TSX-V: UCU) is pleased to report that confirmation assays for
rare earth elements (REE) and associated metals have now been received from
drilling at Bokan
Mountain?s I&L zone. Significant
results received so far are reported below:
Hole ID
|
From (m)
|
To (m)
|
Apparent
Width (m)
|
Y2O3
(%)
|
Nb2O5
%
|
LREO
%
|
HREO
%
|
LM08-10
|
39.40
|
47.78
|
8.38
|
0.028
|
0.020
|
0.148
|
0.025
|
LM08-11
|
29.70
|
30.80
|
1.10
|
0.041
|
1.053
|
0.167
|
0.054
|
LM08-12
|
44.50
|
47.28
|
2.78
|
0.111
|
0.054
|
0.348
|
0.064
|
LM08-13
|
41.76
|
45.72
|
3.96
|
0.062
|
0.031
|
0.138
|
0.038
|
LM08-14
|
9.31
|
11.88
|
2.57
|
0.043
|
0.057
|
0.161
|
0.026
|
LM08-16
|
25.35
|
27.85
|
2.50
|
0.074
|
0.105
|
0.255
|
0.049
|
LM08-17
|
54.23
|
55.39
|
1.16
|
0.061
|
0.036
|
0.247
|
0.066
|
and
|
77.20
|
81.37
|
4.17
|
0.039
|
0.021
|
0.090
|
0.023
|
LM08-18
|
80.16
|
92.97
|
12.81
|
0.244
|
0.018
|
0.108
|
0.110
|
LM08-19
|
35.20
|
37.49
|
2.29
|
0.037
|
0.017
|
0.127
|
0.033
|
and
|
49.38
|
49.68
|
0.30
|
0.111
|
0.093
|
0.318
|
0.080
|
LM08-20
|
33.68
|
43.37
|
8.69
|
0.021
|
0.018
|
0.091
|
0.018
|
LM08-21
|
13.72
|
17.37
|
3.65
|
0.489
|
0.009
|
0.064
|
0.176
|
LM08-22
|
27.38
|
27.89
|
0.51
|
0.004
|
0.029
|
0.105
|
0.144
|
and
|
50.65
|
52.43
|
1.78
|
0.004
|
0.025
|
0.091
|
0.148
|
LM08-24
|
60.05
|
63.09
|
3.04
|
0.061
|
0.040
|
0.166
|
0.038
|
LM08-25
|
31.45
|
38.49
|
7.04
|
0.076
|
0.143
|
0.127
|
0.075
|
LREO ? light rare earth oxides:
La, Ce, Pr, Nd,
and Sm in the form LRE2O3
HREO ? heavy rare earth oxides: Eu, Gd, Tb, Dy,
Ho, Er, Tm Yb,
and Lu in the form HRE2O3
?Needless to say, we are excited about these results,? said Jim McKenzie,
President & CEO of Ucore.
?In addition to our high grade uranium values, the I&L zone is also
enriched in rare earth elements and related metals, including yttrium and
niobium. What?s particularly exciting is that we?re looking at potentially
significant concentrations of highly valuable heavy REE?s, including holmium
(Ho), lutetium (Lu), terbium (Tb) and thulium (Tm). These are uncommon at most
other North American REE deposits and have valuations ranging from hundreds to
several thousand dollars per pound. With escalating worldwide demand for heavy
rare earths, Bokan?s
HREE potential could well rival the area?s uranium prospects, and certainly
adds appreciably to the project?s prospective value.?
Surface sampling has identified several zones with even higher REE values
outside of the main uranium-bearing zones. Investigations are being made into
the area?s full suite of mineralization, including uranium, REE?s, niobium,
beryllium, and zirconium. Samples from the I&L zone have been submitted to
a metallurgical facility for mineralogical and recovery testing.
Preliminary metallurgical testing of
various REE-mineralized samples from Bokan by the US Bureau of Mines in the
1990?s reported Y, Ce,
and La solubilities
exceeding 74%. Subsequent loading and stripping recovered over 96% Y with
minimal solvent loss.
The term ?rare earth elements? is a
trade name for the 15 element lanthanoid
series metals plus yttrium characterized by similar physical and chemical
properties. Grades are usually reported as calculated rare earth oxides (REO).
Demand for rare earth elements is increasing, with supply coming mostly from
China. Rare earths are utilized in high technology applications such as
petroleum cracking catalysts, glass, computer displays, polishing compounds,
alloys, magnets, phosphors, pigments, ceramics, lasers, nuclear energy
components, and rechargeable batteries for hybrid vehicles. More details on individual
elements are available on the Bokan
project page of the company?s web site.
The I&L Zone is one
of more than 30 known uranium +/- rare earth element occurrences at Bokan
Mountain related to a peralkaline
ring dike complex known as the Bokan Intrusive Complex. The Ross Adams Zone, located 450
meters southwest of I&L, produced 1.3 million
pounds of U3O8 at an average grade of 0.76% between 1957
and 1971. These were among the highest average grades ever recorded by a U.S.
based uranium mine. Most of the uranium mineralization in the area is
characterized by multiple, steeply dipping, uraniferous
quartz-pegmatite veins localized by radial fractures near the margin of the
Complex, while most of the REE mineralization is hosted in felsic dikes more
distal to the Complex.
NI 43-101 Compliance
Diamond drill core was split on site, with half the core transported by
commercial freight carriers to the Activation Laboratories analytical facility
in Ancaster,
Ontario, Canada. As part of a rigorous QA/QC program, blanks, standards, and
duplicates were inserted into the sample train in the field and in the
laboratory. Analyses were by a combination of mass spectrometry and X-ray
fluorescence. Reported values are length-weighted averages from multiple
samples converted from ppm
metal reported by the laboratory using a ratio of 1 part light REE = 1.168
parts LRE2O3, 1 part heavy REE = 1.146 parts HRE2O3, 1 part Y = 1.269 parts Y2O3,
and 1 part Nb
= 1.431 parts Nb2O5. Insufficient structural information is available to make a conclusive
statement on the relationship between true width and core intercept; however,
true width is estimated at 65-80% of apparent width. Harmen Keyser, P.Geol.,
Ucore?s
Vice President of Project Development and a qualified person in accordance with
NI 43-101, has reviewed and approved the technical content of this press
release. A plan map showing drill hole locations has been posted on Ucore?s
web site.
Background
Ucore Uranium Inc. is a junior exploration
company focused on establishing uranium resources through exploration and
property acquisition. With more than twenty projects, Ucore?s primary focus
is the Bokan
Mountain uranium and rare earth element property in southeast Alaska. The Bokan
Mountain project contains Alaska?s only prior producing uranium mine. For more
information, please visit our website at www.ucoreuranium.com.
For specific information relative to REE?s and the valuation thereof,
websites such as www.usgs.gov, www.elementsales.com, www.chemicool.com, www.theanchorhouse.com, and www.periodic.lanl.gov publish periodic
updates and element summaries of use to educational institutions, business and
industry.
This press
release includes certain statements that may be deemed "forward-looking
statements." All statements in this release, other than statements of
historical facts, that address future exploration drilling, exploration
activities and events or developments that Ucore expects, are
forward-looking statements. Although Ucore believes the expectations expressed
in such forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results or
developments may differ materially from those in forward-looking statements.
Factors that could cause actual results to differ materially from those in
forward-looking statements include exploitation and exploration successes,
continued availability of financing, and general economic, market or business
conditions.
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this press release.
For more information, contact
Dawn McKim
Investor Relations
Ucore Uranium Inc.
(604) 484-9402 ext. 225
dmckim@ucoreuranium.com
www.ucoreuranium.com